Three of the 62 banks evaluated under the Community Reinvestment Act (CRA) in November earned the rating of outstanding for their efforts under the anti-redlining statute, according to information released Thursday by the federal bank deposit insurer.
The three outstanding ratings by the Federal Deposit Insurance Corp. (FDIC) went to First State Bank of Beecher City, Beecher City, Ill., CIBC Bank USA, Chicago, Ill., and Carson Community Bank, Stilwell, Okla., the information shows. Each of the remaining 59 banks received the CRA rating of satisfactory, according to the FDIC’s list for November 2021.
The FDIC notes that the 1977 CRA is intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. A bank may receive one of four ratings under federal rules implementing the statute: outstanding (O), satisfactory (S), needs to improve (NI), or substantial noncompliance (SN). None of the institutions on the November 2021 list was rated NI or SN.